Silver Bulls are a special species but they will be celebrating this weekend.

Silver broke today in a technical cascade.

It started with a breakout of $30 an ounce and the February high, which was just above that. This led to a rush of buying and short covering by 6% to $31.37. This is the highest since 2013.

Now there's not much standing in the way, technically speaking. The mid-2012 high was $35.40, a reasonable target given the momentum and enthusiasm for precious metals in general. Gold is set to close above $2,400 today for the first time (and also on a weekly basis). It's also just a few dollars away from the all-time intraday record.

For the gold bulls, I think the image of Putin and Xi embracing is about as good as it gets. It underscores their determination to define a multipolar world not dominated by the United States – or the US dollar.